SPONSORED

5 Easy Ways to Update Your Business Plan Outline to Immediately Adapt to the Changing Economy

Jul 23, 2020, 9:05 AM | Updated: Jul 27, 2020, 11:11 am
Business Plan Outline...
Photo: Adobe Stock

Altabank - Jumbo LoansThis article about creating your own business plan outline is sponsored by Altabank. Member FDIC.


Are you updating your business plan? Now is an opportune time to be flexible, consider changes to your operations, and discover creative ways to grow and better conduct your business. Community banks like Altabank™ can help with decisions like restructuring a loan, undergoing recapitalization, or assisting with plans to expand your business. Here are 5 ways you can create a new business plan outline to adapt and continue to grow your business. 

1. Go Back to Being a Business Planner

Business Plan Template

Photo: Adobe Stock

Now is a good time to get nostalgic. Remember what drew you into business ownership in the first place. Revisit your original business plan and see if it still makes sense or if anything else is possible. Write notes about what is and isn’t working, and make changes as the situation dictates. Taking an honest look at where things are at can invite you to think creatively, and executing a new plan will go a long way. 

2. Be Flexible and Consider Changes to Your Operations

Photo: Adobe Stock

A few changes can go a long way. Look up how to grow your business online, or look at structural changes such as doubling the drive-thru lines if you own a restaurant. Depending on your situation, your business may not need to change much, but rather pivot to the changing circumstances and seasons. It’s also a good time to look at your finances. With current low-interest rates, now is an attractive moment to restructure a loan or undergo a recapitalization process. 

3. Discover Creative Ways to Grow Your Business

Photo: Adobe Stock

Now could be a good time to ask yourself: is this the right time to expand your business footprint? Is it a time to grow by partnering with or acquiring a company or adjacent business? Hotels have been renting rooms out as workspaces or retail stores that do appointment-only shopping or put together packages for pickup. There are new and different ways of conducting business waiting to be discovered. Test and try things out, and be prepared to innovate. 

4. Notice What Your Customers Are Doing

Photo: Adobe Stock

Customer behavior is also changing. Being aware of the audience and its needs will make even a small marketing investment pay off. Are you allowing space for your audience to provide feedback? What is the feedback you’re hearing? Take another look at your business plan outline from the perspective of your target audience. Would you want to buy what you’re selling? 

5. Be Patient

Photo: Adobe Stock

This is probably the most difficult virtue of owning a business. Patience is a virtue and good things come to those who are willing to wait. Be kind to yourself and your employees as you navigate the changing circumstances. 

Altabank™ Can Help Create Your Business Plan Outline

Photo: Adobe Stock

Commercial loans from Altabank can help make your strategic growth plan a reality. Whether you’re looking to buy a new property, remodel, refinance, or just need a little extra help managing cash flow, Altabank has the right loan to help your business prosper. They have loan officers dedicated to helping you manage and grow your business through a variety of loans, including small business, commercial real estate, and agricultural loans.

Contact Altabank today to speak with a banker.

Related Articles:

Today’s Top Stories

Sponsored

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
2 days ago
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
16 days ago
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
23 days ago
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
25 days ago
wide shot of Bear Lake with a person on a stand up paddle board...
KSL NewsRadio Sales

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
1 month ago
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
2 months ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
5 Easy Ways to Update Your Business Plan Outline to Immediately Adapt to the Changing Economy